The unemployment rate ticked down to 3.4%, matching a 54-year low.
‘s 2% target. But it may signify enough progress, along with signs that the job market is decelerating, to persuade the central bank to pause its rate hikes.
Several big technology companies, including Google and Amazon, have announced layoffs this year. Such job cuts, though, haven’t been widespread enough across the economy to boost the U.S. jobless rate or the number of people applying for unemployment benefits. One reason is that many tech workers who were laid off have quickly landed new jobs.
Mike Trepper, CEO at Pasco Kids First in New Port Richey, Florida, agreed that a sizable number of job seekers still “have many options.”
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